The Federal Housing Finance Agency (FHFA) announced that the maximum conforming loan size limits for 2016 Fannie Mae and Freddie Mac loans will stay the same as 2015 except for increases in 39 high cost counties in the U.S.
Being that there are 3007 counties in the U.S., that is not many that are increasing. The baseline conforming limit for is $417,000 which stayed the same so that means that the high-cost ceiling will remain at $625,500 for 2016. The states with increases included CA, CO, MA, NH, TN, & WA.
Loans sizes over $417,000 (or the limit in high cost areas) would be considered a jumbo loan and guidelines are a little different for these. If you have questions about loans above or below the conforming loan size limits, contact us today.
2016 VA home loan size limits:
VA home loans set their limit by the FHFA conforming limits but use the one-unit limits only. The amount of eligibility that a Veteran has available will determine how much of the loan limit may be borrowed without a down payment. So being that Fannie and Freddie loan limits are basically the same except for the 39 counties, VA loan limits are the same. For home purchases above $417,000, we offer the VA Jumbo mortgage which allows a Veteran, Active Serviceman or woman, or surviving spouse of a Veteran to borrow at very favorable terms compared to a normal jumbo loan. Click here for the VA loan limits for North Carolina and Virginia High-Cost Counties. Contact us today for purchasing a home priced over $424,100 with a VA loan today.